At $90 per share the total value of the bid to acquire Kraft stands at $11billion.
In its proposition PhilipMorris Companies state that it has an available bank credit line of about $12billion.
Also as we can see from the above table, for the last two consecutive years Philip Morris has been generating more than $1.5billion in excess cash.
This means they will be able to pay off the $ 9.5billion in debt they need to borrow to acquire Kraft, in roughly 6 years.
So yes, PhilipMorris can finance the Kraft acquisition.